Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 149 - When an asset stops being a pre-CGT asset  

Subdivision 149-C - When asset of public entity stops being a pre-CGT asset  

SECTION 149-50   Which entities are affected  

149-50(1)    
This Subdivision provides for when a *CGT asset of an entity of any of these kinds stops being a *pre-CGT asset:

(a) a company *shares in which (except shares that carry the right to a fixed rate of *dividend) are listed for quotation in the official list of an *approved stock exchange;

(b) a *publicly traded unit trust;

(c) a *mutual insurance company;

(d) a *mutual affiliate company;

(e) a company (other than one covered by paragraph (a)) all the *shares in which are beneficially owned, whether directly, or indirectly through one or more interposed entities, by one or more of the following:

(i) a company covered by paragraph (a);

(ii) a *mutual insurance company;

(iii) a *mutual affiliate company;

(iv) a *publicly traded unit trust;

(f) (Omitted by No 94 of 1999)

149-50(2)    
A publicly traded unit trust is a unit trust the units in which:

(a) are listed for quotation in the official list of an *approved stock exchange; or

(b) are ordinarily available for subscription or purchase by the public.

149-50(3)    
This Division applies as if what is done or not done by the trustee of a *publicly traded unit trust had been done or not done by the trust.